There are so much creativity and detail that goes into developing new products to compete with old conventional products. Seven years ago, EOS lip balm stepped into the lip balm market and soon cornered it. EOS products took up shelf space in the main retail stores all over the country. Beauty editors such as Allure and Cosmo wouldn’t stop raving about EOS Products especially after top celebrities were spotted using in.
EOS, Evolution of Smooth in full has grown to become the second best lip balm seller in the US. The company is currently valued at over $250 million and generates $1 million in sales weekly. With that growth trend, the company is set to reach the projected $2 billion mark by 2020. EOS co-founder and managing partner, Sanjiv Mehra, claimed that their focus as a company was to create and distribute products.
The focus is now shifting a little bit with Sanjiv claiming the consumers want to know more about the business and its values. Sanjiv who has a rich background in serving at fast moving consumer goods companies such as Pepsi and Unilever partnered with Jonathan Teller to form EOS.
Jonathan described their main driving factor to dive into the lip balm market was because the big players had stagnated and were ‘lazy.’ According to them, it was the perfect opportunity to enter the market with a fresh product that was distinguishable from that of the market competitors.
Their research into the market revealed a lot of information, which they used to grow the brand to where it is. Since women primarily consume lip balms, they focused their design to please women such that the product would offer a positive, fun and enjoyable experience when applying and hence its unique shape. A lot of thought went into designing the shape to not only distinguish them from the competition but to also make a product that is easy to use and stand the test of time.